Weekly Market Report. August 30, 2024

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August 30, 2024

Greetings, curious minds! Join us on a journey into the cutting-edge. This newsletter unveils the latest trends shaping our world.

Let’s explore together! 🌐🚀

🔥 Top Reads

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Starlink Caught in Crosshairs of Elon Musk’s Battle With Brazil 😲

Brazil is preventing Starlink, Elon Musk’s satellite-internet operation, from conducting financial transactions in the country, the business said Thursday in a post on X, further escalating an already fraught battle between Musk and Brazil’s highest court.

French president Macron says arrest of Telegram CEO was ‘in no way a political decision’ 🤔

French President Emmanuel Macron said Telegram CEO Pavel Durov’s arrest was “in no way a political decision” and part of an ongoing judicial investigation.

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PayPal’s Stablecoin Hits $1B Market Cap as Incentives Boost Activity on Solana 🧐

The payments company’s stablecoin entry was off to a slow start last year on Ethereum, but its recent expansion to the Solana blockchain and DeFi reward programs reignited the token’s growth.

📈 Market Data

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🚨 Important News This Week

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AI

  • ChatGPT’s weekly users have doubled in less than a year

  • Gmail users on Android can now chat with Gemini about their emails

  • Generative AI coding startup Magic lands $320M investment from Eric Schmidt, Atlassian and others

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Tech

  • Gmail users on Android can now chat with Gemini about their emails

  • Tencent, NetEase Rethink Japan Approach as Game Strategy Stalls

  • X caught blocking links to NPR, claiming the news site may be ‘unsafe’


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Business

  • Zepto Hits $5 Billion Valuation in Latest Big India Commerce Bet
  • Apple, Nvidia Are in Talks to Invest in OpenAI
  • Dell attempts to sell cybersecurity firm SecureWorks again


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Crypto

  • Telegram CEO Pavel Durov charged and released, barred from leaving France

  • South Korean tech giant Naver launches crypto wallet in partnership with Chiliz

  • U.S. House Committee Plans for Heap of Crypto Hearings in September

🚨 Notable Companies Secure Impressive Investments

  • Chainbound has raised $4.6M in a Seed funding round led by Cyber Fund

  • Nectar AI has raised $3.9M in a Seed funding round co-led by Mechanism Capital and Karatage

  • Microsoft-backed Space and Time has raised $20M in a Series A funding round

  • Gameplay Galaxy has raised $11.17M in a Seed extension round co-led by Blockchain Capital and Merit Circle

  • Solayer Labs has raised $12M in a Seed funding round co-led by Polychain Capital and Hack VC

  • Streaming platform Myco has raised $10M in a Series A funding round

  • Lemniscap has raised $70M for a new fund anchored by Accolade Partners

  • ParaFi Capital has raised $120M to buy stakes in other crypto funds

🤣 Meme of the Week

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